TriGránit plans to go public abroad
Monday, August 14, 2006, 15:46
TriGránit Rt, the region’s leading real estate developer, is planning to go public and list on the stock exchange in Vienna or London in three or four years, COO Sándor Nyúl told business daily Világgazdaság. The announcement followed Austrian property investor Immoeast Immobilien Anlagen AG’s acquisition of 25% of TriGránit shares last week for Euro 400 million, the largest M&A deal in Hungary so far this year. Regarding the details of the transaction, the newspaper said Immoeast had purchased a 20% stake in TriGránit from Pólus Holding Rt, owned by TriGránit founder and President Sándor Demján, while an an additional 5% was acquired through a capital raise. The deal did not change the ownership structure significantly: Demján retains 34.03%, with Peter Munk, Nathaniel Rothschild and Sándor Csányi controlling smaller stakes in the company. (Fri Vg 1, Nv 5) P.P.